On the basis of technology, the ultrasound market is classified into two major segments, namely, diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further divided into 2D, 3D & 4D ultrasound, and Doppler imaging. The therapeutic ultrasound segment is further categorized into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). The diagnostic ultrasound segment is expected to account for the largest share of the global ultrasound market in 2014. Factors such as technological advancements and new product launches and increasing application in diagnosis and imaging of medical conditions (such as cancer, cardiovascular diseases, urological disorders, gynecological diseases, and obstetrics) are the key factors contributing to the high growth rate of the global diagnostic ultrasound market.
On the basis of products, the ultrasound market is categorized on the basis of type of display and portability. Based on type of display, the market is classified into two major segments, namely, color and black & white (B/W) ultrasound. The color ultrasonic segment is expected to account for the largest share of the market in 2014. Based on portability, the market is further divided into two major segments, namely, trolley/cart-based and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices segment is expected to account for the largest share of the market in 2014. The compact/handheld ultrasound devices segment is expected to grow at the highest CAGR in the next five years, owing to the development and launch of potable point-of-care ultrasound devices with advanced features and increasing benefits, and demand of compact devices.
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On the basis of type of application, the ultrasound market is divided into seven major segments, namely, radiology/general imaging; urology; obstetrics/gynecology; vascular; cardiology; and others (hepatology, surgery, and breast). The radiology/general imaging segment is estimated to account for the largest share of the market in 2014. The cardiology ultrasound segment is expected to grow at the highest CAGR in the next five years, owing to rising incidences of cardiac diseases, technological advancements in the field of cardiac ultrasound, and rapidly growing geriatric population globally.
The global market is estimated to grow at a CAGR of 5.1% from 2014 to 2019.
A number of factors such as development of technologically advanced ultrasound devices; rapid growth in aging population with high risk of target diseases; rising incidences of cardiovascular diseases and cancer cases; growing demand for minimally invasive treatment procedures; and increasing public-private investments are propelling the growth of the market. However, technological limitations of ultrasonic, dearth of skilled and experienced sonographers, and unfavorable healthcare reforms in the U.S. are some major factors restraining the growth of this market. In addition to this, the stringent regulatory guidelines for the approval of systems and rising pricing pressures are the key challenges faced by market players in the market.
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Agreements, partnerships/joint ventures, and new product launches are the key strategies adopted by the major players to strengthen their position in the global market. Moreover, strategies such as expansions and strategic acquisitions were also adopted by a significant number of market players to strengthen their product portfolio and expand their geographic presence in the ultrasound market.
Analogic Corporation (U.S.), Esaote S.p.A (Italy), FUJIFILM Holdings Corporation (Japan), General Electric Company (GE) (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (The Netherlands), Mindray Medical International Limited (China), Samsung Electronics Co. Ltd. (South Korea), Siemens AG (Germany), and Toshiba Corporation (Japan) are the key players operating in the global ultrasound market.
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